What should you include in an estate planning checklist?

An estate planning checklist should be tailored to your specific needs. It will often include steps such as listing your assets, naming beneficiaries, choosing an executor and guardian, drafting legal documents (will, power of attorney, trusts), and organising paperwork.

Do I need a solicitor to create a will?

While DIY wills are possible, using a solicitor or estate planning expert is recommended. Doing so helps ensure the will is valid and covers all necessary legal points, especially for complex estates.

How often should I update my estate plan?

Estate planning professionals often recommend reviewing your estate plan every 2-3 years or after major life events, such as marriage, divorce, the birth of a child, or when you acquire new assets.

What happens if I don't have an estate plan in place?

If you die without an estate plan, the law decides who inherits your assets based on the rules of intestacy. These rules vary from one country to another, but often do not align with your wishes.

What documents do I need for estate planning?

The most common documents in an estate plan are a will, a power of attorney, life insurance policies, a healthcare directive and trust documents (if you have one set up). Other documents include financial records, such as bank account statements and deeds, if you are leaving any real estate.

How to Get Started: Estate Planning Checklist

Estate planning might not be exciting, and many people put it off. Still, it is one of the most important things you can do for your loved ones.

Whether you're just starting out or revisiting your existing arrangements, this estate planning checklist will help you cover all the essentials.

Here, we guide you through the key steps to create an estate plan that reflects your wishes and supports your family.

What is an estate planning checklist?

An estate planning checklist is like a personal roadmap for getting your affairs in order. It helps you organise your assets, make decisions about your legacy, and ensure your wishes are legally recorded.

Your estate planning checklist usually includes making a will, choosing key decision-makers, and planning for estate taxes. For more details, read our practical guide to estate planning.

Speak to a specialist

Your estate planning checklist

Estate planning can feel overwhelming because there are many details to consider.

The process of creating an estate plan can vary based on your situation. An estate planning checklist helps you cover the essentials, ensuring your assets are protected and your legacy is secure.

1 - Take stock of your assets

Before deciding how to distribute your estate, you need to know what it includes. Most things you own are part of your estate. For example:

Bank and savings accounts
Investments
Property
Possessions such as jewellery, art, and cars

Start by listing everything you own, including any debts, such as mortgages, loans, or credit cards. When you subtract your debts from your assets, you get a clearer view of your overall financial situation.

Estate planning for expats can be more complicated. You need to list your assets and also note where they are located. The location of your assets will determine which legal estate planning documents you need.

2 - Write a will

A will is one of the main estate planning documents. It explains your final wishes and states how your assets will be distributed after you are gone.

When you write a will, you choose who will inherit your assets, usually family members like a spouse, children, or grandchildren. Without a will, the courts decide what happens to your estate.

Even if you already have a will, you might need another one. If you live abroad or have assets overseas, your UK will may not be valid there, so you will need one that follows local laws. For example, property in Dubai would require a DIFC will, not a UK one.

3 - Choose beneficiaries

For any pension scheme or life insurance policy you have, you should name a beneficiary. This is the person who will receive the money when you die. It’s important to review this regularly or if your circumstances change.

4 - Register a lasting power of attorney

A lasting power of attorney (LPA) lets you appoint someone to make decisions on your behalf if you become incapacitated. Depending on the type of LPA, this person can make financial decisions, health and welfare choices, or both.

5 - Set up a trust

A trust is a legal structure used to manage and distribute assets. Setting up a trust can help you gain more control over how your assets are managed.

A trust and a will are both estate planning tools, but they work differently. Many people have both.

Trusts have several benefits. They can help lower estate taxes and avoid probate, reducing delays and keeping your financial affairs private.

6 - Consider estate taxes

Estate planning is not just about deciding who gets what. It also helps you minimise inheritance tax and other liabilities.

Some things to consider are:

Understand the thresholds and exemptions for UK inheritance tax
Use gifting strategies during your lifetime
Consider placing assets in trusts for tax efficiency

It is a good idea to talk to a tax adviser or estate planner. They can help you structure your estate in the most tax-efficient way.

7 - Organise adigitand store your documents

After you prepare your documents, keep them safe and easy to access:

Store physical copies in a fireproof safe or with your solicitor
Share locations or copies with key people (executor, family, adviser)
Think about keeping digital backups in secure cloud storage

8 - Digital estate planning

Digital assets are anything you own or manage online. This includes:

Email accounts
Social media accounts
Bank accounts
Cryptocurrency wallets
Digital photos

First, create a secure list of your digital assets, usernames, and passwords. Never put passwords in your will, as they could become public. Instead, use a password manager.

Next, appoint a trusted person to manage your digital assets after you pass away. Give them clear instructions on how to access your digital assets and what should happen to these accounts when you are gone.

9 - Review life insurance policies

Life insurance pays out either a lump sum or regular instalments when you die.

Types of life insurance products include:

Whole life cover
Term life insurance
Indexed universal life insurance (IUL)

If you already have life insurance, review your policy to make sure you have enough coverage.

10 - Create a business estate plan

Estate planning is crucial for business owners. It explains how your business interests will be managed, transferred, or sold if you die or cannot run things anymore.

When you include a business in your estate plans, some things to consider are:

Ownership structures
Succession planning
Tax exposure

To learn more, read our guide to estate planning for business owners.

Remember to review and update your estate plan regularly. Experts suggest doing this every 2-3 years or after major life events, such as the birth of a child or grandchild.

Financial planning with Holborn?

Holborn can help you make way more money than you have now.

Get started

Download your estate planning checklist

A checklist for estate planning can help you stay organised and avoid common mistakes. Download our estate planning checklist and get your ducks in a row.

Download estate planning checklist

Should you consult an estate planning professional?

You can create a basic estate plan on your own, but sometimes you need professional help. Consider talking to an expert if:

You have a complex estate or multiple properties
You want to reduce tax liabilities
You have family dynamics that could lead to disputes
You're setting up a trust

A financial adviser who specialises in estate planning can ensure your plan is legal and aligns with your goals.

Summary

An estate planning checklist provides structure and helps you plan more effectively. For expert advice, contact Holborn Assets.

We are a leading, award-winning financial services provider. Our specialists offer bespoke estate planning services designed to support your specific needs and goals.

Start planning today to help keep your loved ones secure. Book a free, no-obligation meeting to see how we can help.